Show Those tax loopholes' loopholes The Wall Street up the new tax laws as well as anyone The new tax provisions will affect a great many people but out not that much In substance after confronting the Ithe tax mountain fc for the past three years Congress managed to move a few molehills while leaving most of the massive tax structure not only intact but if anything more complicated than ever Hence it will be important that t the changes be studied very closely this year especially by the small businessmen business business- men the farmers the time part professionals professionals professionals and the retired Unquestionably the best tax break for the little fellow is th the revised Estate Tax provision which allows for increased increased increased in- in creased exemptions And for that tha change in the law we can all be especially especially especially es es- es- es grateful to the farmers of America who led the fight against the previous and extremely unfair pe penalties penalties penal penal- ties which helped to wipe out many a family farm and nd family business upon the death of parents Perhaps the most confusing element in the discussion of taxes espe especially during an election year is the attack by some politicians against tax loopholes loopholes loop loop- holes usually on the grounds that the I grounds that the loopholes favor the rich against the poor The fact is our tax laws are saturated saturated saturated satur satur- with loopholes for which most of ofus ofus ofus us and especially the poor can be very grateful For example the small businessman the time part-time professional and others who operate from their own home are granted certain exemptions loopholes if you wish for the expenses involved This is simply to recognize that big businesses which can afford to build and maintain their own buildings and factories can and do deduct all of the costs for that overhead The tax provisions provisions provi provi- attempt to give the little fellow who cann cannot t afford to have hi his own all- all business property something of an even break Or the provision that interest charges are de deductible This recognizes that a arich arich arich rich person can pay cash for an automobile automobile auto auto- automobile mobile house or other possessions But the little fellow who does not have that much cash is forced to borrow money or orto orto orto to pay mortgage interest on o his s home The law therefore attempts to make it possible for the poor and not just the rich to acquire possessions Such uch as homes and automobiles Equality under the law has been a major objective of the United States from th the very founding of our nation Absolute equality of course is i impossible impossible possible pos pos- sible people are not born equal with equa equal abilities skills talents int intelligence intel intel- intelligence l- l or inheritance But no country inthe in inthe inthe the world has tried to do more or has been as successful in providing an equal opportunity unity to all Tax loopholes loop holes are arean are an important part of the even break for all all' process |